The First Equity Modaraba (FEM), one of the leading Modarabas in Pakistan and a member of the Modaraba Association of Pakistan based on the results as on June 30, 2004, has declared cash dividend of 42.50 percent as compared to 22.50 percent last year.
In addition, the Equity Modaraba has also announced to enhance its capital by issuing 100 percent right shares to its shareholders at a premium of Rs 5 per share.
The First Equity Modaraba is the only Modaraba in the entire Modaraba sector, which is going to enhance its capital through right issues at a premium.
FEM Chief Executive Adil A. Ghaffar wishes to place on record his sincere appreciation for all those who were related and specially the regulators and the management of the stock exchanges. He also congratulated FEM certificate-holders for the best performance of the Modaraba, and assured them that the growth of the Modaraba would be further accelerated in the coming years.
FEM diversified its operations in 2002, and bought stock exchange membership cards of all the three stock exchanges of Pakistan, and two rooms at the KSE for a total investment of Rs 32.5 million. Against which, according to the reported figures, FEM has already earned Rs 200 million.